Tabreed acquires 50% of Reem Island District Cooling Plant from Aldar

Abu Dhabi, UAE, 13 March 2018: National Central Cooling Company PJSC (Tabreed), the UAE-based District Cooling utility company, announced the acquisition of 50% of the shares in S&T Cool District Cooling Company LLC (S&T), a District Cooling provider on Reem Island in Abu Dhabi, from Aldar Properties PJSC (Aldar), in a Press communiqué. Tabreed will own 100% of S&T’s District Cooling plant following completion of the transaction, subject to relevant regulatory approvals, the communiqué further said.

The communiqué said S&T’s District Cooling plant on Reem Island has a connected capacity of over 31,500 RT and provides cooling to prominent landmarks on Reem Island. The transaction values S&T at AED 348 million, the communiqué further said.

According to Tabreed, this acquisition is consistent with its strategy of acquiring District Cooling assets to add to its existing portfolio in the region. The Reem Island plant is the sixth plant in Tabreed’s portfolio providing District Cooling to Aldar developments, the company said.

Jasim Husain Thabet, Tabreed, said: “The plant currently has over 31,500 RT of contracted capacity and we expect this to grow as new real estate developments in the area come online. This is another milestone in our District Cooling relationship with Aldar. The acquisition underscores our commitment to support and fulfil current and future infrastructure needs of large-scale developments.”